S&P 500 (NYSE:SPY) component Progressive Corporation (NYSE:PGR) reported net income above Wall Street’s expectations for the second quarter. Progressive Corp. is an insurance holding company that provides personal and commercial automobile insurance and other property-casualty insurance throughout the U.S.

Results: Net income for the property and casualty insurance company rose to $245.2 million (38 cents per share) vs. $211.9 million (32 cents per share) in the same quarter a year earlier. This marks a rise of 15.7% from the year earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 38 cents versus a mean estimate of net income of 39 cents per share.

The company has now been profitable for the last nine quarters, and for the last five, profit has risen year over year by an average of 3.6%. The quarter with the biggest boost was the first, which saw a 22.8% surge.

The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 6.2% to $3.89 billion from the year earlier quarter.